XML 52 R37.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Income Taxes [Abstract] |
Income from operations before provision for taxes by domestic and foreign source | Income from operations before provision for taxes by domestic and foreign source is as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2018 |  |  | 2017 |  |  | 2016 |
Income from continuing operations before income taxes and income from affiliates and joint ventures: |  |  |  |  |  |  |  |  |
Domestic |  | $ | 93.1 |  |  | $ | 96.7 |  |  | $ | 72.9 |
Foreign |  |  | 111.0 |  |  |  | 94.2 |  |  |  | 97.4 |
|  | $ | 204.1 |  |  | $ | 190.9 |  |  | $ | 170.3 |
Provision (benefit) for taxes on income | The provision (benefit) for taxes on income consists of the following:
|  | Year Ended December 31, |
(millions of dollars) |  | 2018 |  |  | 2017 |  |  | 2016 |
Domestic |  |  |  |  |  |  |  |  |
Taxes currently payable |  |  |  |  |  |  |  |  |
Federal |  | $ | (3.7 | ) |  | $ | 46.0 |  |  | $ | 18.7 |
State and local |  |  | 1.4 |  |  |  | 2.4 |  |  |  | 4.4 |
Deferred income taxes |  |  | 11.1 |  |  |  | (78.1 | ) |  |  | (8.8 | )
Domestic tax provision (benefit) |  |  | 8.8 |  |  |  | (29.7 | ) |  |  | 14.3 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |
Taxes currently payable |  |  | 21.3 |  |  |  | 21.1 |  |  |  | 23.2 |
Deferred income taxes |  |  | 4.3 |  |  |  | 2.0 |  |  |  | (2.2 | )
Foreign tax provision |  |  | 25.6 |  |  |  | 23.1 |  |  |  | 21.0 |
Total tax provision (benefit) |  | $ | 34.4 |  |  | $ | (6.6 | ) |  | $ | 35.3 |
Reconciliation of statutory federal tax rate to effective federal tax rate | The major elements contributing to the difference between the U.S. federal statutory tax rate and the consolidated effective tax rate are as follows:
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
U.S. statutory rate |  | 21.0% |  |  | 35.0% |  |  | 35.0%
Depletion |  | (3.9)% |  |  | (6.7)% |  |  | (6.6)%
Difference between tax provided on foreign earnings and the U.S. statutory rate |  | 1.1% |  |  | (3.8)% |  |  | (6.4)%
Global Intangible Low-Tax Income (GILTI) |  | 0.8% |  |  | 0.0% |  |  | 0.0%
Foreign Derived Intangible Income |  | (0.7)% |  |  | 0.0% |  |  | 0.0%
State and local taxes, net of federal tax benefit |  | 1.9% |  |  | 1.1% |  |  | 1.1%
Tax credits and foreign dividends |  | (0.3)% |  |  | 0.3% |  |  | 0.6%
Change in valuation allowance |  | — |  |  | (1.9)% |  |  | (1.1)%
Impact of uncertain tax positions |  | 0.5% |  |  | 0.4% |  |  | 0.4%
Impact of officer's non-deductible compensation |  | 0.8% |  |  | 0.8% |  |  | 0.1%
Manufacturing deduction |  | — |  |  | (1.6)% |  |  | (2.0)%
Impact of U.S. Tax Reform |  | (2.2)% |  |  | (24.8)% |  |  | 0.0%
Other |  | (2.1)% |  |  | (2.3)% |  |  | (0.4)%
Consolidated effective tax rate |  | 16.9% |  |  | (3.5)% |  |  | 20.7%
Deferred tax assets and liabilities | The Company believes that its accrued liabilities are sufficient to cover its U.S. and foreign tax contingencies. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:
|  | December 31, |
(millions of dollars) |  | 2018 |  |  | 2017 |
Deferred tax assets attributable to: |  |  |  |  |  |
Accrued liabilities |  | $ | 22.2 |  |  | $ | 28.6 |
Net operating loss carry forwards |  |  | 34.4 |  |  |  | 33.2 |
Pension and post-retirement benefits costs |  |  | 33.8 |  |  |  | 40.4 |
Other |  |  | 28.6 |  |  |  | 22.0 |
Valuation allowance |  |  | (22.0 | ) |  |  | (21.4 | )
Total deferred tax assets |  |  | 97.0 |  |  |  | 102.8 |
Deferred tax liabilities attributable to: |  |  |  |  |  |  |  |
Plant and equipment, principally due to differences in depreciation |  |  | 182.8 |  |  |  | 161.6 |
Intangible assets |  |  | 69.5 |  |  |  | 63.4 |
Other |  |  | 15.2 |  |  |  | 11.6 |
Total deferred tax liabilities |  |  | 267.5 |  |  |  | 236.6 |
Net deferred tax asset (liability) |  | $ | (170.5 | ) |  | $ | (133.8 | )
Net deferred tax assets and net deferred tax liabilities are as follows:
| December 31, |
(millions of dollars) | 2018 |  | 2017 |
Net deferred tax asset, long-term |  | $ | 26.3 |  |  | $ | 25.6 |
Net deferred tax liability, long-term |  |  | 196.8 |  |  |  | 159.4 |
Net deferred tax asset (liability), long-term |  | $ | (170.5 | ) |  | $ | (133.8 | )
Activity related to unrecognized tax benefits | The following table summarizes the activity related to our unrecognized tax benefits:
(millions of dollars) |  | 2018 |  |  | 2017 |
Balance at beginning of the year |  | $ | 14.7 |  |  | $ | 13.7 |
Increases related to current year tax positions |  |  | 0.6 |  |  |  | 1.2 |
Increases related to new judgements |  |  | 1.3 |  |  |  | 1.2 |
Decreases related to audit settlements and statue expirations |  |  | — |  |  |  | (1.4 | )
Balance at the end of the year |  | $ | 16.6 |  |  | $ | 14.7 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration